UMI.P Loses Cash Despite Price Gains

ETF Overview and Capital Flows

The USCF Midstream Energy Income Fund (UMI.P) targets income generation through an actively managed portfolio of midstream energy infrastructure companies. It integrates ESG research into its fundamental analysis and operates as a leveraged (1.0x) long-position equity ETF. Recent fund flow data for March 25, 2026, shows net outflows across all order sizes, totaling -$121,083.93 in combined block, extra-large, and standard orders. While this does not directly correlate with its intraday price high, it highlights temporary capital withdrawal pressures.

Peer ETF Snapshot

• ACVT.P charges 0.65% expense ratio, matches UMI.P’s leverage ratio of 1.0x, and holds $30M in assets.
• AMUN.O offers a lower 0.25% expense ratio, same 1.0x leverage, and $30M AUM.
• AFIX.P has a 0.20% expense ratio, 1.0x leverage, and $159M in assets.
• AGGH.P charges 0.30%, maintains 1.0x leverage, and commands $392M in assets.
• AVIG.P stands out with a 0.15% expense ratio, 1.0x leverage, and $2B in assets.
• AGG.P, the lowest-cost peer at 0.03%, holds $139B in assets with 1.0x leverage.

Opportunities and Structural Constraints

UMI.P’s 52-week high reflects demand for energy infrastructure exposure amid sector-specific tailwinds. However, its 0.69% expense ratio exceeds most peers, which could weigh on net returns. The recent outflows suggest caution from investors, contrasting with the ETF’s price strength. At the end of the day, UMI.P’s active management and ESG integration may appeal to niche investors, but broader adoption faces hurdles from higher costs and competitive alternatives.